6 Solid Tools To Help Business Owners Succeed And Prosper

I met with a business travel and tours executive for the first time today and he said, So, you're a business coach. What's your vehicle for transporting business people, or are you a cheerleader?

Interesting questions on several levels.

While business coaching has nothing to do with transporting a business owner from city to city, state to state, or country to country, business coaches do transport business owners to new levels of understanding and profitability. So, in that vein, I guess business coaches are a vehicle for transporting. As for being cheerleaders, while we are very encouraging to business owners, our role as business coaches is less to inspire and motivate than to provide real systems and processes that can take a business places the owner never dreamed he or she could reach.

As business owners are aware, these four key areas relate to the ultimate profit one will make: management, sales and marketing, finance, and stock.

Three highly effective and important starting points business owners need to know and understand for their businesses to succeed and prosper are to:

1. Understand that change is often good-- necessary, even--but you have to know where you are in order to determine where you want to go.You can't take a trip unless you know the starting point. Same in business, you can't exceed expectations if you don't know the point from which you're starting.

2. Swallow your pride. Get help.Too many business owners are afraid to admit they're overwhelmed, or that they started their business without a solid plan. SO WHAT! What's done is done! Get over it and GET HELP.

3. Quit trying to recreate a broken wheel.Why implement a system that may not work? Why not instead opt for a tried and true system that does work and make it work for you? Put another way, which would you rather - jump off a cliff knowing there's water below, or just blindly jumping off a cliff and hoping for the best?

Exactly.

So, here are three solid ways to put your business on the fast track toward instant profit:

4. First and foremost: Take Stock. One cannot change something if you have no idea what is already in place. Determine what your current profitability margin is. Remember that what comes after an equal (=) sign can't be directly influenced but what comes after a times (x) sign can.

5. Profit has to do with the Average Dollar Sale (ADS), which affects turnover, and margins, so one has to have a starting point and know what the ADS is. To do this, create an ADS survey and determine where you are so that you can then plan where you want to go.Once you have a grip on sales, develop a MARGIN survey and begin to work out your margins.

6. Get help. Hire a business coach. Putting effective processes in place will go a lot smoother if you have someone guiding you. An experienced business coach can help you develop these surveys specific to your company and can help put other plans into place to help you excel.

Think of your business like a tree. A tree either grows or dies depending on certain conditions. To grow, it needs: air, water, soil, and room to expand. Well, your business needs systems, too: Accountability (Air) Test and Measurement tools (Water), Finance (Soil), and Growth (room to expand). With these processes in place, and a new, more confident you at the helm, your business will soar to new heights.

Choose to be a victor not a victim by being proactive and determining your own destiny. A business coach can be both vehicle and cheerleader, but the best ones are the competent, behind-the-scenes experts that help you help yourself.


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ActionCOACH ML Peter Williamson's 23+ years of business experience includes executive positions at both startup and established manufacturing companies domestically and abroad. owning a consulting practice, and working for Fortune 500 companies. peterwilliamson@actioncoach.com